Australian National Accounts: National Income, Expenditure and Product (Media Release)

MEDIA RELEASE

7 December 2011

Embargo: 11.30 am (Canberra Time)

156/2011

Australian economy grows 1.0%

Latest ABS figures show that GDP, in seasonally adjusted volume terms, grew 1.0% in the September quarter 2011, after a revised increase of 1.4% in the June quarter.

The growth for the quarter was driven by a 1.5% contribution to growth from capital expenditure on non-dwelling construction, a 0.4% contribution from final consumption expenditure, and 0.4% contribution from capital expenditure on machinery and equipment. The increases were partially offset by a -0.8 percentage points contribution from changes in inventories, and -0.6% contribution from net exports.

The industries that drove growth in the September quarter were Construction with 0.4% contribution to growth, and Mining with 0.3% contribution to growth.

On the back of this GDP growth and a 2.7% increase in the Terms of trade, Real gross domestic income grew 1.6% in seasonally adjusted terms for the quarter.

Further details can be found in Australian National Accounts: National Income, expenditure and Product (cat. no. 5206.0).

Media Note:
When reporting ABS data, the Australian Bureau of Statistics (or ABS) must be attributed as the source.

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